Jones, 45, founded Luxembourg-based Almacantar in 2009 with
Mike Hussey, who used to run the London unit of U.K. real-estate
company Land Securities Group Plc. (LAND) Almacantar plans to focus on
real estate in central London, according to Jones.

“Our shareholders have expressed a clear preference for a
single-city strategy,” Jones said in an e-mailed statement. “I
have decided to pursue new opportunities in continental Europe,
which is where I live and where I have established a successful
track record.”

Jones was formerly responsible for continental Europe at
Grosvenor Group Ltd. He persuaded the Agnelli’s investment
company, Exor SpA (EXO), to invest 150 million euros in Almacantar and
raise an additional 75 million euros from two other investors.
Exor controls Fiat SpA (F), the Italian carmaker.

Almacantar had planned to invest in London and Paris, where
Jones is based. That changed after its backers favored London.

As a result, all of Almacantar’s investments were in the
U.K. capital. They include the purchase of Centre Point in the
West End district in April and last month’s acquisition of the
Marble Arch tower on Oxford Street. Almacantar is also in talks
to redevelop part of Lord’s Cricket Ground in the residential
district of St. John’s Wood.

Jones will remain a non-executive director and adviser to
Almacantar, according to the statement.